Mr. Alex Verge reports

JOURNEY ENERGY INC. ANNOUNCES BORROWING BASE REDETERMINATION

Journey Energy Inc. has completed its semi-annual review of its secured, revolving credit facility. Effective Nov. 30, the borrowing base has been set at $140-million with no financial covenants. Previously, the borrowing base was $205-million with a covenant requiring approval of the syndicate for borrowings in excess of $150-million. The revised credit facility consists of a $15-million working capital facility and a $125-million revolving production loan facility. It is anticipated that the reduced borrowing base will result in lower standby fees, which would have been charged on the unutilized amounts available under the facility. Currently, there is $95-million drawn on the aggregate facility.

Based on Journey's current expectations of cash flows and capital spending for 2016, the revised credit facility will be more than sufficient to support the execution of its 2016 capital program and will also provide enough liquidity to take advantage of accretive, tuck-in acquisitions. Journey expects to release more comprehensive 2016 guidance on Dec. 14, 2015.